Strength in the US dollar helped push the Aussie dollar lower in overnight trade. The local currency is going through at 72.24  US cents this morning after the US Fed released the minutes of their last meeting and the punters were left with the impression there will be another rate hike in June. Locally we have an employment report out today, the punters are looking for a 12,000 increase in positions, so data either side of that will signal our direction for the afternoon. Lower could see the dollar below 72c by the close.

Will another jump in US interest rates see more capital flow into grains. Will this see US grain futures climb to numbers not seen since October last year. We can only hope because at the moment the only grains that are showing any strength at all in fundamental direction is canola and chickpeas and there is a very good chance the Canadian farmer is seeing these signals too.

Indian chickpea futures continued to climb yesterday. When the move is combined with the weaker exchange rate we come up with potential upside of over twenty dollar today. The “back of the envelope” conversion comes in around $1130 at the packer this morning.